Sime Darby Bhd to dispose of industrial assets in Australia, in the next few months

KUALA LUMPUR, 26 May: Sime Darby Bhd aims to complete it asset monetisation exercise on 14 industrial assets in Australia by the end of its financial year ending June 30, 2016 (FY16) or early FY17.

“In Australia we have discussed with a few interested parties and we’ve narrowed down to one potential buyer,” president and group chief executive Tan Sri Mohd Bakke Salleh told reporters at the group’s results briefing today.

He said it hopes to close the deal by June 30.

CFO Datuk Tong Poh Keow said the 14 assets are a mix of workshops, facilities and other industrial related assets, and the potential buyer is a fund.

Earlier in March, the group deconsolidated two of its subsidiaries in Singapore for S$206.3 million, recording a gain of RM406.3 million.

The two assets involved were Sime Darby Centre at 896 Dunearn Road and Sime Darby Enterprise Centre along Jalan Kilang.

It is in the midst of disposing of the Sime Darby Business Centre at 315 Alexandra Road, which will be completed by end of FY16.